Bridgeway Capital Management LLC Raises Holdings in Daktronics, Inc. $DAKT

Key Points

• Bridgeway Capital Management LLC increased its stake in Daktronics, acquiring an additional 286,426 shares, totaling approximately 1.47% of the company valued at $8.95 million.
• Several institutional investors, including Breach Inlet Capital Management, significantly raised their positions in Daktronics during the first quarter, showcasing increased interest in the company.
• Analysts downgraded Daktronics from a "buy" to a "hold" rating, with a current consensus rating of "Strong Buy" and an average target price of $26.00.

Bridgeway Capital Management LLC increased its position in Daktronics, Inc. (NASDAQ:DAKT - Free Report) by 63.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 735,135 shares of the technology company's stock after purchasing an additional 286,426 shares during the quarter. Bridgeway Capital Management LLC owned approximately 1.47% of Daktronics worth $8,954,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in DAKT. Raymond James Financial Inc. acquired a new stake in Daktronics in the fourth quarter worth about $760,000. MetLife Investment Management LLC raised its stake in shares of Daktronics by 16.2% in the 4th quarter. MetLife Investment Management LLC now owns 25,195 shares of the technology company's stock valued at $425,000 after purchasing an additional 3,517 shares during the period. Stifel Financial Corp raised its stake in shares of Daktronics by 35.3% in the 4th quarter. Stifel Financial Corp now owns 97,919 shares of the technology company's stock valued at $1,651,000 after purchasing an additional 25,530 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Daktronics by 31.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 15,599 shares of the technology company's stock valued at $263,000 after purchasing an additional 3,746 shares during the period. Finally, Northern Trust Corp raised its stake in shares of Daktronics by 14.4% in the 4th quarter. Northern Trust Corp now owns 409,577 shares of the technology company's stock valued at $6,905,000 after purchasing an additional 51,643 shares during the period. 61.69% of the stock is currently owned by institutional investors and hedge funds.

Daktronics Trading Up 1.4%

NASDAQ DAKT traded up $0.24 on Monday, reaching $17.62. The company had a trading volume of 286,656 shares, compared to its average volume of 410,476. The firm has a market cap of $865.49 million, a price-to-earnings ratio of -40.05, a P/E/G ratio of 0.57 and a beta of 1.69. Daktronics, Inc. has a fifty-two week low of $10.24 and a fifty-two week high of $19.89. The business has a 50 day moving average of $16.64 and a two-hundred day moving average of $14.65. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.22 and a quick ratio of 1.60.

Daktronics (NASDAQ:DAKT - Get Free Report) last posted its quarterly earnings data on Wednesday, June 25th. The technology company reported $0.18 earnings per share for the quarter, meeting analysts' consensus estimates of $0.18. The business had revenue of $172.55 million during the quarter, compared to the consensus estimate of $189.10 million. Daktronics had a positive return on equity of 15.29% and a negative net margin of 1.34%.During the same period in the prior year, the business posted $0.27 earnings per share. Analysts forecast that Daktronics, Inc. will post 0.96 EPS for the current year.

Insider Transactions at Daktronics

In other Daktronics news, insider Sheila Mae Anderson sold 3,839 shares of the firm's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $16.86, for a total value of $64,725.54. Following the completion of the sale, the insider directly owned 39,495 shares in the company, valued at approximately $665,885.70. This trade represents a 8.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 5.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

Separately, Wall Street Zen raised Daktronics from a "hold" rating to a "buy" rating in a research note on Saturday. One analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Strong Buy" and an average price target of $26.00.

Daktronics Profile

Daktronics, Inc designs, manufactures, and sells electronic scoreboards, programmable display systems and large screen video displays for sporting, commercial, and transportation applications in the United States and internationally. It operates through Commercial, Live Events, High School Park and Recreation, Transportation, and International segments.